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Super funds face increasing scrutiny over
where they invest, along with broader
questions about whether Australia is
getting its money’s worth from the industry.
Yet, our response should be to genuinely
reflect on how our investment choices shape
the economy and society for better or worse,
and exercise those choices for positive
change.
MORE THAN ‘GREENWASH’
It’s hard work changing the way we invest.
Instead, we might be tempted to ‘greenwash’,
using superficial ‘green’ labels and marketing for
new investment options that are little different to
mainstream products. Greenwash does nothing
to solve the systemic challenges threatening well-
functioning markets and societies, and the returns
of universal investors. Even worse, greenwash
creates the illusion of action, discouraging the real
exercise of the power of capital. And it eventually
washes off, exposing the green-washer as
dishonest and ineffectual.
One example of potential greenwash is green
bonds. The climate wasn’t made safer the day
banks issued green bonds. No new funding went
to renewable projects. The bonds didn’t even
free up credit limits for future bank renewables
lending. Bank green bonds are like any other bank
bond from a credit perspective – investors still
look directly to the bank for repayment.
This is not an attack on bank or other green
bonds (which Australian Ethical invests in). This
growing market is helping shift capital to climate-
friendly technology and infrastructure. However,
green bonds can also be a tool for greenwash –
for both issuers and investors. A bank can issue
green bonds while continuing to fund fossil fuel
expansion, obstructing the transition to a two-
degree economy. Super funds need to do more
Time for super to
find its voice
Stuart Palmer
Head of ethics research,
Australian Ethical
the last word
Superfunds August 2017